Monday, December 10 2018

June 1, 2018

Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018

New Delhi-With the objective of obtaining peoples participation in the Income Tax Departments efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007.Under the revised scheme, a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961. With the objective of attracting and encouraging people to give information about such income and assets actionable under Black Money and Imposition of Tax Act, 2015, reward up to Rs. 5 crore has been introduced in the new reward scheme. The amount has been kept high to make it attractive to potential sources in foreign countries.